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Speculators Inching Closer To Turn Their Bets Into Net Euro Long

Speculative traders on the Chicago Mercantile Exchange moved very close to turn their wager into net EUR longs on year-end position adjustments, data from the Commodity Futures Trading Commission (CFTC) showed on Friday.
Traders continued to cover their EUR bets slashing their short EUR position by 70% after cutting it by another 5% last week to reach a total of $1.6 billion as of Tuesday.
In a parallel move, traders aggressively dumped USD by increasing their short USD bets by 137% to reach a total of $7.6 billion as of Tuesday.
Looking ahead, the market will get into a quiet holiday mode next week which unlikely to see any ... (full story)

Fundamentally, there is not much of a reason to hold on to the Euro. Technical it is in an uptrend, but the near parabolic state will cause it to retrace. The US markets are heavily inflated solely on Fed money and fiscal cliff talks. Two outcomes will happen:

Technical it is in an uptrend, but the near parabolic state will cause it to retrace.

Ignored

In addition, potential double top has formed on H4 chart, and a shooting star found on the weekly chart.
If the market able to break last week's low @ 1.31429 which also below the 38.2 Fibo Retracement then more than likely a reveral.

I understand what you mean, but I was just address that I believe regardless of what will happen, the markets and Euro will continue to decline because I've seen on here many who think the Euro will spike because Obama wants a deal done.

@Guest IP XXX.XX.124.17, I think the downtrend will continue, as well. Merry Christmas to you.

@ Guest IP XX.XXX.183.239, I do not need to be an insider. My intellect, experience and logic take care of that for me. Last thing you need to is be condescending hiding under a Guest tag. If you had an experience at all you would have had offered in it a rebuttal.